US Session Bullet Report – USDCAD hits 11 year high

Disspointing Manufacturing data from European giants Germany and France and earleir from China added to USD strength as speculation of a rate hike soon in the US gives traders some encouragement.

Concerns over growth in Europe and China added to metal woes as GOLD and Silver continue edging lower along with Copper which reached new multi-year lows.

No excitement with European stocks as investors wait for further direction.

GBP looks set to post weekly losses after dipping below 1.5500 as it lacks the strength to fight the Greenback following yesterday’s poor retail sales data.

USDCAD recorded an 11 year high and is now trading around the 1.3085 mark compounding the CADs misery as the drop in Oil prices continue.

Again all eyes will be on the US with Manufacturing PMI and New Home sales due out at 13:45 and 14:00GMT resepctively.

From everyone at easy forex, we wish you a pleasant weekend.
Trading Quote of the day:

“It’s better to lose your opinion, than to lose your money”

Green lines are resistance, Red lines are support

EURUSD
Pivot: 1.0915
Likely scenario: Long positions above 1.0915 with targets @ 1.0995 & 1.1035 in extension.
Alternative scenario: Below 1.0915 look for further downside with 1.087 & 1.081 as targets.
Comment: Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

GBPUSD
Pivot: 1.5535
Likely scenario: Short positions below 1.5535 with targets @ 1.5465 & 1.5445 in extension.
Alternative scenario: Above 1.5535 look for further upside with 1.557 & 1.561 as targets.
Comment: The RSI is mixed to bearish.

AUDUSD
Pivot: 0.734
Likely scenario: Short positions below 0.734 with targets @ 0.7265 & 0.723 in extension.
Alternative scenario: Above 0.734 look for further upside with 0.738 & 0.7415 as targets.
Comment: The RSI is mixed to bearish.

USDJPY
Pivot: 124.15
Likely scenario: Short positions below 124.15 with targets @ 123.7 & 123.55 in extension.
Alternative scenario: Above 124.15 look for further upside with 124.45 & 124.7 as targets.
Comment: As long as 124.15 is resistance, look for choppy price action with a bearish bias.

USDCAD
Pivot: 1.299
Likely scenario: Long positions above 1.299 with targets @ 1.309 & 1.3125 in extension.
Alternative scenario: Below 1.299 look for further downside with 1.295 & 1.2915 as targets.
Comment: The RSI is well directed.

USDCHF
Pivot: 0.9555
Likely scenario: Long positions above 0.9555 with targets @ 0.9625 & 0.965 in extension.
Alternative scenario: Below 0.9555 look for further downside with 0.9535 & 0.9505 as targets.
Comment: The RSI is well directed.

GOLD
Pivot: 1095
Likely scenario: Short positions below 1095 with targets @ 1073 & 1064 in extension.
Alternative scenario: Above 1095 look for further upside with 1106 & 1119 as targets.
Comment: As long as 1095 is resistance, likely decline to 1073.

OIL
Pivot: 49.7
Likely scenario: Short positions below 49.7 with targets @ 48 & 47.5 in extension.
Alternative scenario: Above 49.7 look for further upside with 50.6 & 51.4 as targets.
Comment: The RSI is mixed to bearish.

DAX
Pivot: 11400
Likely scenario: Long positions above 11400 with targets @ 11550 & 11650 in extension.
Alternative scenario: Below 11400 look for further downside with 11250 & 11150 as targets.
Comment: The RSI is mixed to bullish.

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Report prepared by the easy-forex VIP desk at 12:30 GMT.

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